According to the research agency Statista, only in the object identification industry, AI is expected to generate $9 billion, not to mention other major niches like marketing and sales.
Thus considering artificial Intelligence for your business could be a winning solution.
Where and how AI benefits businesses in 2021?
Avid Advantages of AI
Adoption of artificial intelligence means one simple goal for businesses – profits. However, AI doesn’t generate revenue directly, but rather implicitly by transforming different business processes:
- Improve logistics;
- Removes some of the tasks from employees;
- Analyze risks;
- Process documents and requests;
- Solve clients’ problems;
- Prepare personalized offers;
- Reduce the cost of production;
- Identify ineffective work steps and offer solutions.
Many companies even use AI as a marketing move to draw attention and create an image of an advanced and successful organization, which ultimately helps to lead the market.
Let’s take a closer look at how AI transforming business today.
AI Data Management
A place where AI can be especially effective is where the processing of a large amount of data required.
It could be sensory functions (from computer vision to text and image processing), cognitive functions (forecasting, recommendation, and planning systems), machine learning.
All of these technologies are used to recognize and classify documents, determine their authenticity, chatbots, voice assistants, risk management, and other tasks.
That’s why more than 80% of banks worldwide resort to AI implementation. Some banks love artificial intelligence to such an extent that they prefer to generate a lot of content for lifestyle banking. AI helps segment users and offer content relevant to them. AI blurs the line in communication between customers and companies.
Today most of the communication with a customer happens without the involvement of human resources. This saves the bank a lot of costs, improves customer retention, increases the speed of operations and reduces the number of errors.
Another way AI can increase profits is through dynamic pricing monitoring. This is a must-have tool for big retailers with a large assortment and lots of competitors. The main task is to find the optimal price, or a fair price if you like. That is a price that the buyer is willing to pay right now and which allows the seller to work to the upside.
Artificial intelligence works hundreds of times faster than analysts. It will change the price of each item daily and analyzes feedback. This is how the system will learn to understand which product can be sold more expensive, and which can be discounted.
Analysis of Competitors
This also a widely used tool for retailers. They use AI to simplify and automate the identification of key competitors.
Retail is a place of avid competition. Those who find the most optimal solution – win. Since there are a lot of factors to consider, it’s nearly impossible for a research team to find an adequate solution.
That’s why AI is used to thoroughly analyze competitors and eventually increase sales: prices of goods, balances of own and competitors’ warehouses, percentage of crossings with competitors for specific goods categories, crossings for brands, competitors’ advertising strategies, and other direct and indirect factors.
AI can also analyze stores similar in area, location, competitive environment, and turnover.
As a result, retailers improve their brand perception, awareness about similar products with the competitor, cannibalization of categories and products, competitors’ advertising channels, market trends, customer behavior, and much more.
Since AI is good at prediction and data analysis, it can predict which companies (and when) will make certain purchases. Such predictions are so reliable that many retailers now build their supply chain based on that data. It allows retailers to control the speed of delivery to the end customer and reduce the percentage of returns. It also enables companies to order a huge amount of products from suppliers without huge investments in human resources and research teams.
AI in Manufacturing
AI in manufacturing is also booming. Companies use AI to optimize equipment and processes, thereby assembling the best teams of specialists, connecting robots to work, improving the volume of production, preventing downtime, and thus increasing performance and profits.
Improving Quality of Product
In addition to organizational processes, reduction of prices, and increasing production volumes, artificial intelligence has enormous potential to improve product quality by reducing errors.
Manufacturers are using AI technology to identify hidden causes of profitability losses that can be avoided by changing production processes.
AI analysis tools facilitate growth across many industries from retail to education. Today it is a must-have tool for many big companies to transform and improve their business processes.
Solutions that AI can offer spans collecting and evaluating data, automating processes, implementing business models, and offering customized customer service, which makes AI an irreplaceable tool for any businesses that want to make more money.
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